May 12, 2010

Financial Report for the Year Ended March 31, 2010
This document has been translated from the Japanese original, for reference purposes only. In the event of any discrepancy between this translated
document and the Japanese original, the original shall prevail.

Listed company name:
Japan Airport Terminal Co., Ltd.
Listing exchange:
Tokyo, 1st Section
Code number:
9706
URL:
http://www.tokyo-airport-bldg.co.jp/
Representative:
Isao Takashiro, President
Contact:
Shokichi Ishiguro, Senior Managing DirectorTEL:
03-5757-8030
Scheduled date of annual general meeting of shareholders:June 29, 2010
Scheduled date of securities report submission:
June 29, 2010
Scheduled date of dividend payment commencement:
June 30, 2010
（Figures shown are rounded down to the nearest million yen.）

1. Consolidated Financial Results for the Year Ended March 31, 2010 (April 1, 2009 to March 31, 2010)(1) Consolidated Business Results(Percentage figures indicate the rates of increase or decrease compared with the previous fiscal year.)

Operating revenues

Operating income

Ordinary income

Net income

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen%

121,008
132,307

(8.5)
(5.1)

5,107
6,397

(20.2)(17.1)

4,991
6,764

(26.2)(13.7)

2,584
3,981

(35.1)(4.1)

Return on equity

Ordinary income to Operating income tototal assets
operating revenues

FY2009FY2008Net income per
share

Diluted net income
per share

Yen

FY2009FY2008

Yen

29.64
39.64

–
–

Reference: Investment profit on equity method

FY2009: ¥152 million

%

%

%

2.3
3.3

2.7
3.6

4.2
4.8

FY2008: ¥148 million(2) Consolidated Financial Position

Total assets
As of March 31, 2010
As of March 31, 2009
Reference: Equity capital

Net assets

Equity ratio

Net assets per share

Millions of yen

Millions of yen%

Yen

186,384
186,364

103,331
122,557

54.4
64.5

1,261.44
1,197.40

As of March 31, 2010: ¥101,403 million As of March 31, 2009: ¥120,280 million(3) Consolidated Cash Flows

Cash flows fromoperating activities

Cash flows frominvesting activities

Cash flows fromfinancing activities

Cash and cash equivalents
at the year-end

Millions of yen

Millions of yen

Millions of yen

Millions of yen

14,187
17,164(13,741)(17,208)

511
(352)

16,653
15,693

FY2009FY2008
2. Dividends

Dividends per share
Q1-End

FY2008FY2009FY 2010(Forecast)

Q2-EndQ3-EndYear-End

AnnualTotal
dividends(annual)Dividends
Dividends on
payout ratio
net assets(consolidated) (consolidated)

Yen

Yen

Yen

Yen

Yen

Millions of yen

%

%

–
–

6.50
6.50

–
–

6.50
6.50

13.00
13.00

1,305
1,045

32.8
43.9

1.1
1.1

–

6.50

–

6.50

13.00

80.4

3. Forecast of Consolidated Financial Results for the Year Ending March 31, 2011 (April 1, 2010 to March 31, 2011)(Full year percentage figures indicate the rates of changes from the previous fiscal year, and first half figures indicate the rates ofchanges from the same period of the previous fiscal year.)First half
Full-year

Ordinary income

Net income
per share

Operating revenues

Operating income

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen%

Yen

63,100133,400

4.8
10.2

2,400
4,200

2.4
(17.8)

2,100
3,000

(8.6)
(39.9)

1,000
1,300

(22.7)(49.7)

12.44
16.17

-1-

Net income

Japan Airport Terminal Co., Ltd. (9706) Financial Report for the Year Ended March 31, 2010

4. Other Information(1) Significant changes in subsidiaries during the year under review (changes in specific subsidiaries involving changes in scope of
consolidation): None
(2) Changes in accounting principles, procedures, and the display method of presentation associated with preparation of theconsolidated financial statements (matters to be included in the section, "Change in Basic Conditions to Prepare the Consolidated
Financial Statements")
1) Changes due to revisions of accounting standards, etc.: Yes
2) Changes in matters other than 1) above: None
(3) Number of shares outstanding (common stock)1) Number of shares outstanding at the year-end (including treasury stock):
As of March 31, 2010
84,476,500 shares
As of March 31, 2009
2) Number of treasury stock at the year-end:
As of March 31, 2010
4,089,416 shares
As of March 31, 2009

100,540,000 shares
88,807 shares(Reference) Summary of Non-Consolidated Financial Results
1. Financial Results for the Year Ended March 31, 2010 (April 1, 2009 to March 31, 2010)(1) Non-Consolidated Business Results(Percentage figures indicate the rates of increase or decrease compared with the previous fiscal year.)

Operating revenues

Operating income

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen%

97,532
106,656

(8.6)
(5.3)

3,363
4,636

(27.5)(19.6)

3,094
4,872

(36.5)(19.5)

2,277
3,021

(24.6)(12.0)

FY2009FY2008Net income per share

Net income

Diluted net income per
share

Yen

FY2009FY2008

Ordinary income

Yen

26.11
30.08

–
–

(2) Non-Consolidated Financial Position

Total assets

Equity ratio

Net assets per share

Millions of yen%

Yen

171,505
165,90288,219107,12251.4
64.6

1,097.43
1,066.42

As of March 31, 2010
As of March 31, 2009
Reference: Equity capital

Net assets

Millions of yen

As of March 31, 2010: ¥88,219 million

As of March 31, 2009: ¥107,122 million

2. Forecast of Non-Consolidated Financial Results for the Year Ending March 31, 2010 (April 1, 2010 to March 31, 2011)(Full year percentage figures indicate the rates of changes from the previous fiscal year, and first half figures indicate the rates ofchanges from the same period of the previous fiscal year.)First half
Full‑year

Operating revenues

Operating income

Ordinary income

Millions of yen%

Millions of yen%

Millions of yen%

50,600107,300

4.4
10.0

1,800
2,800

17.7
(16.8)

1,700
2,500

15.8
(19.2)Net income
per share

Net income
Millions of yen

%

Yen

1,000
16.1
1,500 (34.1)

12.44
18.66

*Statements regarding the proper use of the financial forecast and other special remarks
1. The forecast was made based on information available at the time the material was released, and actual earnings may differ from the forecast forvarious reasons.
2. For matters related to financial forecast mentioned above, please refer to page 4.

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Japan Airport Terminal Co., Ltd. (9706) Financial Report for the Year Ended March 31, 2010

1. Business Results(1) Analysis of Consolidated Business Results1) Summary of earnings for the fiscal year ended March 31, 2010
During the fiscal year ended March 31, 2010 (hereinafter referred to as “current fiscal year”), improvements ineconomies overseas and the effects of factors like emergency stimulus measures created conditions that allowed
corporate profits to rise throughout the second half of the fiscal year. Signs of an upturn in personal consumption werealso seen. Nevertheless, with the impacts of a steadily high unemployment rate and no letup in conditions surrounding
personal incomes, economic conditions in Japan remained difficult.
Within the airline industry, passenger volume on domestic and international flights, which had fallen drastically asa result of negative economic conditions and worries regarding the H1N1 influenza, among other factors, began torecover on the slow improvement in economic conditions in the second half of the fiscal year. The upturn in thenumber of international passengers was particularly strong owing to upturns in the numbers of outbound Japanesepassengers and inbound passengers primarily from China and Korea.
Under these conditions, the Japan Airport Terminal (JAT) Group has continued to focus all its energy on
implementing stricter safety measures at passenger terminal buildings, thoroughly adopted a customer-first
philosophy and strove to further improve services. We also aggressively worked on improving efficiency in managing
the passenger terminal buildings, activating business operations, and promoting management rationalization, in orderto foster our business growth and strengthen the management base.
To improve corporate value, the JAT Group is pushing ahead with business, financial, and organizational strategies.
As for the business strategy, in accordance with the further internationalization and re-expansion of Tokyo
International Airport (Haneda), scheduled to begin in October 2010, we are moving forward with new businessdevelopment initiatives for the new international passenger terminal building, and the expansion work for Terminal 2.
As for the financial strategy, approximately 20 million shares of treasury stock were acquired through a tender offer inJuly 2009. Most of these treasury shares were retired in September with the aim of increasing shareholder value. As
for the organizational strategy, a corporate officer system was introduced to separate supervision and execution, andto speed up decision-making. Furthermore, some subsidiaries were merged and other measures were taken as well to
improve and strengthen governance for the entire JAT Group.
In connection with our corporate social responsibility (CSR) efforts, we actively responded to environmental
problems by, for example, implementing a policy of "cool biz" (wearing cooler clothes during the summer to reduce
the use of air conditioning) and "warm biz" (wearing warmer clothes during the winter to reduce the use of heating),
introducing green power, and installing solar power systems on the Terminal 1 and Terminal 2 buildings.
We also made wholehearted efforts to boost the added value of passenger terminal buildings by, for instance,
hosting the “Air Harbor” art exhibition, which featured the application of cutting-edge technologies in public art.
During the current fiscal year, the JAT Group actively worked to improve its profitability, mainly through thedevelopment of products solely for Haneda Airport and the holding of event-related sales activities featuring seasonal
products. The situation, however, remained difficult primarily because of the decline in passenger volume on
domestic flights, weak consumer sentiment, and the termination of some wholesale operations supplying duty-free
items to another company’s duty-free shops at Narita International Airport.
Under our medium-term business plan (covering a three-year period from FY2007 through FY2009), all elementsof the JAT Group came together to implement various measures. While these efforts generally met with success interms of implementation, the global economic recession beginning in the second half of FY2008 and other changes inour operating environment affected by such factors as the H1N1 influenza outbreak prevented us from achieving our
objectives.
As a result, consolidated operating revenues for the current fiscal year fell 8.5% compared with the previous fiscal
year to ¥121,008 million, operating income fell 20.2% to ¥5,107 million, and ordinary income also declined 26.2% to¥4,991 million. Net income for the fiscal year declined 35.1% to ¥2,584 million.
The following is a breakdown of earnings by segment.
[Facilities Management]
Rent revenue from the domestic passenger terminal buildings at Tokyo International Airport (Haneda) came in below
the level of the previous year mainly because of declines in percentage rents paid by tenants and rents paid by airline
companies for office space.
Similarly, facility user charges revenue for the terminal buildings at the Tokyo International Airport (Haneda)
declined over the previous year as an increase in passenger volume on international flights, driven by the launch ofinternational charter flights between Haneda Airport and Beijing Capital International Airport in October 2009, wasnot enough to counter the decline in passenger volume on domestic flights.
Other revenues declined over the previous year on lower revenue from contract constructions and a decrease in thenumber of vehicles using parking facilities.
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Japan Airport Terminal Co., Ltd. (9706) Financial Report for the Year Ended March 31, 2010

As a result, operating revenues from the facilities management operations declined 2.6% compared with theprevious fiscal year to ¥39,996 million. However, operating income increased 14.9% to ¥2,878 million mainly due todecreases in depreciation and utility expenses.
[Merchandise Sales]
Regarding shops in domestic terminals, we introduced new brands of products in the “Haneda Star Sweets” whichfeatures carefully selected sweets, developed original brands, including the products solely for Haneda Airport inconnection with popular movies, and redoubled sales promotions through initiatives like event-related sales activities
featuring new products and seasonal products. We also upgraded our online shopping website to improve profitability.
All of these efforts, however, were not enough to counter the impact of factors like lower passenger volume on
domestic flights, and sales fell below the level of the previous year.
At shops in international terminal, sales promotions targeting foreign visitors and other sales activities werepositively pursued. However, a drop in the number of international passengers, particularly in the first half of the
fiscal year, fluctuations in exchange rates that left foreign visitors with less purchasing power, and otherdevelopments kept sales below the level of the previous year.
Despite our efforts to capture new customers in the wholesale business, other sales also remained well below thelevel of the previous year mainly due to termination of some of the wholesale contracts.
Therefore, operating revenues from merchandise sales operations decreased 11.3% compared with the previous
fiscal year to ¥70,156 million and operating income fell 19.7% to ¥5,907 million.
[Food and Beverage]
Sales from restaurants decreased over the previous year due to a decline in passenger volume on domestic flights, etc.,
despite our efforts to introduce new franchises within the domestic terminal building at the Tokyo International
Airport (Haneda) in order to boost sales.
Although the number of passenger volume on international flights started to increase from the second half of the
fiscal year, overall sales of in-flight meals decreased over the previous year because airlines continued to cut costs,
shift to smaller aircraft, and reduce the number of flights.
As a result, operating revenues from food and beverage operations fell 7.2% compared with the previous fiscal yearto ¥15,810 million. Although the Group worked on various cost saving measures such as reducing personnel andutilities costs, and shifting from outsourcing toward in-house production, operating loss amounted to ¥56 million.
2) Forecast for the fiscal year ending March 31, 2011
Over the coming fiscal year, the Japanese economy is expected to experience a mild recovery. However, with risks
like that of deflation undermining economic improvement, the year will be one of continued economic uncertainty.
In the airline industry, overall difficult conditions are expected to continue due to the seeming unlikelihood of asolid recovery in personal consumption despite the interplay of the positive impacts of the mild economic recovery on
passenger volume on domestic and international flights.
Under these conditions, we presently expect our earnings by segment in comparison to the current fiscal year to be
as discussed below.
Facilities management operations are forecasted to report higher earnings on the maintenance and management
commissions received from the Tokyo International Air Terminal Corporation, the primary operator of the newinternational passenger terminal building scheduled to open in October 2010, and on an increase in rent and otherrevenues related to the extended part of the domestic Terminal 2 building.
Earnings in merchandise sales operations are also expected to rise. The key factors here are anticipated higher
revenue from the wholesale of products to new shops and the commissioned product sales operations in the newinternational passenger terminal building, and the impacts of higher passenger volume and the openings of new shops
in the domestic terminals.
Meanwhile, earnings in all aspects of food and beverage operations are also forecasted to rise. The openings of new
shops in the new international passenger terminal building and in the extended part of the domestic Terminal 2building are expected to boost restaurant sales, and in-flight meal sales are expected to rise as airlines will increase
the number of flights flying in and out of the Tokyo International Airport (Haneda) and the commencement of service
for new airlines will start following the launch of operations of new Runway D.
Therefore, for consolidated performance in the fiscal year ending March 31, 2011, operating revenue is projected toincrease 10.2% year on year to ¥133,400 million. Because the temporary costs was posted due to the opening ofextended part of the domestic Terminal 2 building, and repairing expenses increased, operating income is projected to
decline 17.8% to ¥4,200 million, ordinary income to fell 39.9% to ¥3,000 million, and net income to shrink 49.7% to¥1,300 million.

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Japan Airport Terminal Co., Ltd. (9706) Financial Report for the Year Ended March 31, 2010

(2) Analysis of Consolidated Financial Position
1) Status of assets, liabilities and net assets
Total assets increased ¥20 million compared with the previous fiscal year end to ¥186,384 million. This was mainly
because long-term loans receivable increased, although marketable securities and investment securities decreased.
Total liabilities increased ¥19,246 million compared with the previous fiscal year end to ¥83,053 million mainly
because short-term and long-term loans payable increased.
Net assets decreased ¥19,226 million compared with the previous fiscal year end to ¥103,331 million because
retained earnings decreased due to retirement of treasury stock and deferred losses on hedges increased.
Therefore, the equity ratio was 54.4%.
2) Status of cash flows
Cash and cash equivalents (hereinafter referred to as “cash”) at the current fiscal year end increased ¥960 million
compared to the end of the previous fiscal year, to ¥16,653 million.
The following is a summary of various cash flows and the factors behind the flows for the current fiscal year.
[Cash flows from operating activities]
Net cash provided by operating activities fell ¥2,977 million, or 17.3% from the previous fiscal year, to ¥14,187
million.
This is mainly attributable to a decrease in income before income taxes as well as a decrease in depreciation andamortization.
[Cash flows from investing activities]
Net cash used in investing activities decreased ¥3,466 million, or 20.1% from the previous fiscal year, to ¥13,741
million.
This was mainly because expenditures from purchase of marketable securities and tangible fixed assets decreased,
although payments of long-term loans receivable increased.
[Cash flows from financing activities]
Net cash provided by financing activities amounted to ¥511 million. (¥352 million was used in for the previous fiscal
year.)
This was mainly because long-term loans payable increased, although expenditure due to increased purchase oftreasury stock.

Cash flow indicators
FY2005

FY2006

FY2007

FY2008FY2009Equity ratio (%)

61.0

58.9

62.7

64.5

54.4

Equity ratio based on current
value (%)

59.4

87.6

116.1

56.1

56.0

Amortization term (years)

2.2

2.1

1.9

2.1

4.1

Interest coverage ratio (times)

16.8

19.7

20.0

22.1

16.7

Equity ratio: equity capital / total assets
Equity ratio based on current value: total current stock value / total assets
Amortization term: interest-bearing debts / operating cash flow
Interest coverage ratio: operating cash flow / interest payments(Notes)1. All indexes are calculated using financial figures on a consolidated base.
2. Total current stock value is calculated based on final stock price at term end × number of shares outstanding at
term end (after deduction of treasury stock).
3. “Operating cash flow” uses cash flow from operating activities shown in consolidated statements of cash
flows. “Interest-bearing debts” refers to all debts posted in consolidated balance sheets for which interest is
paid. “Interest payments” refers to the interest paid on consolidated statements of cash flows.

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Japan Airport Terminal Co., Ltd. (9706) Financial Report for the Year Ended March 31, 2010

(3) Basic Policy Regarding Distribution of Earnings and Dividends for the Year Ended March 31, 2010 and the YearEnding March 31, 2011
JAT considers distributing profits to shareholders an important issue. We have a basic policy of continuing to pay
stable dividends by taking a more aggressive stance toward business, striving to improve earnings, as well as ensuring
internal reserves taking account of large scale investments such as the expansion of the terminal buildings at theTokyo International Airport (Haneda).
Although net income declined over the previous fiscal year, a dividend of ¥13 per share (of which ¥6.5 per share
has already been paid as an interim dividend) will continue to be paid out of comprehensive consideration of theabove dividend policy, earnings, and decrease in the number of outstanding shares due to the acquisition andretirement of treasury stock.
For the fiscal year ending March 31, 2011 as well, the JAT Group expects to pay an annual dividend of ¥13 pershare (of which ¥6.5 per share will be paid as an interim dividend) from a perspective of continuing to pay stabledividends, but the dividend policy will be flexibly examined because business conditions are expected to remainharsh for the time being.

-6-Japan Airport Terminal Co., Ltd. (9706) Financial Report for the Year Ended March 31, 2010

2. Outline of the Business GroupThe JAT Group (JAT and its group companies) consists of JAT (Japan Airport Terminal Co., Ltd.), 15 subsidiaries, andnine affiliated companies. In addition to its main business of facilities management operations, including operating
passenger terminals and providing services to airport users of Tokyo International Airport (Haneda), the JAT Group
conducts merchandise sales operations and food and beverage operations. Furthermore, the JAT Group conducts
operations such as merchandise sales at Narita International Airport, Kansai International Airport, and Central Japan
International Airport. The following is a description of the position of JAT and its subsidiaries and affiliates within thecorporate group and the details of operations.
Facilities management operations:
JAT operates facilities of passenger terminal buildings at Tokyo International Airport (Haneda) and leases the facilities
to aviation-related companies, particularly airline companies.
In addition, Japan Airport Techno Co., Ltd. and other two subsidiaries and six affiliated companies perform
maintenance, operation and cleaning of facilities related to airport terminals and passenger transportation. BIG WING
Co., Ltd. and other two subsidiaries provide services such as advertising agency operations and passenger services atairport terminals.
An affiliated company Tokyo International Air Terminal Corporation was founded as a special purpose company
involved in the maintenance and operation of facilities such as passenger terminal building in the international sectionof Tokyo International Airport.
Merchandise sales operations:
JAT, its six subsidiaries including International Trade Inc., and two affiliated companies conduct merchandise sales
operations. The companies sell retail to parties such as airline passengers, particularly those at Tokyo International
Airport (Haneda), Narita International Airport, and Kansai International Airport and sell wholesale to entities such ascompanies operating airport terminals, particularly Central Japan International Airport.
In addition, a subsidiary Japan Airport Logitem Co., Ltd., conducts operations such as transporting merchandise andmanaging warehouses.
Food and beverage operations:Two companies, including a subsidiary Tokyo Airport Restaurant Co., Ltd., provide food and beverage services toparties such as users of Tokyo International Airport (Haneda) and Narita International Airport.
Two companies, including a subsidiary Cosmo Enterprise Co., Ltd., produce and sell in-flight meals and frozen
foods to airline companies flying international routes through Narita International Airport.
The following diagram shows the operations discussed above.
Customers

Commissioned merchandisetransportation

*1
*1
*1
*1
*1
*1
*2
*4
*4

Food and beverage service, food product sales

Real estate rental*4*4International Trade Inc.
BIG WING Co., Ltd.
Japan Airport Logitem Co., Ltd.
Japan Airport Techno Co., Ltd.
Haneda Airport Enterprise Co., Ltd.
Hamashin Co., Ltd.
Tsukizi Hamashin Co., Ltd.
Japan Trade Culture Inc.
Gran’ Bird Co., Ltd.

Merchandise wholesales

Commissioned maintenance,
operation, cleaning andguarding of facilities

Merchandise sales operations
*1
*1
*1
*1
*1
*1
*3
*3
*4
*4

Commissioned merchandise sales

Maintenance, operation, cleaning and guarding of facilities
and passenger transportation

Real estate rental, merchandise sales, services

Japan Airport Techno Co., Ltd.
BIG WING Co., Ltd.
Haneda Airport Security Co., Ltd.
Haneda Passenger Service Co., Ltd.
Sakura Co., Ltd.
Hiro International Co., Ltd.
Tokyo International Air Terminal Corporation
Airport Transport Service Co., Ltd.
Narita Airport Techno Corporation
Tokyo City Air Terminal Co., Ltd.
Seikousha Inc.
Kanto Kowa Co., Ltd.
SK Clean Service Co., Ltd.

Merchandise
sales

Facilities management operations

Food and beverage operations
Tokyo Airport Restaurant Co., Ltd.
Cosmo Enterprise Co., Ltd.
CTT Co., Ltd.
Kaikan Development Co., Ltd.

Company submitting consolidated financial statements

Japan Airport Terminal Co., Ltd.
Facilities management operations
Merchandise sales operations*1. 14 consolidated subsidiaries*2. 1 non-consolidated subsidiary that is not accounted for using the equity method*3. 3 affiliated companies that are accounted for using the equity method*4. 6 affiliated companies that are not accounted for using the equity method

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*1
*1
*1
*1

Japan Airport Terminal Co., Ltd. (9706) Financial Report for the Year Ended March 31, 2010

3. Business Strategy(1) Basic Management Policy
The JAT Group has a basic management philosophy of a harmony between society and business as a corporate groupthat constructs and manages domestic and international terminals at Tokyo International Airport (Haneda), the base of
the domestic air transportation network.
Under this basic philosophy, the JAT Group will be sure to fulfill its social responsibilities by establishing absolutesafety at terminals, operating customer-oriented terminals, and operating terminals in a stable and efficient manner.
In order to continue to raise the corporate value of the whole group, the JAT Group has also set consideration for
appropriately repaying related parties, including the airline companies, airport users, business partners, andshareholders, as a basic management policy while precisely responding to the increase in and diversification ofcustomer needs and improving the convenience, pleasantness, and functionality of terminals through strategic andappropriate investments and management of these investments.
As of April 1, 2009, JAT became an Airport Facilities Operator as designated by the revised Airport Act. To fulfill
its responsibilities, JAT will work on various measures to realize thoroughly its basic management philosophy.
(2) Key Management Indicator
In order to maximize the return on capital and thoroughly adopt management while considering increasing
shareholder value, the JAT Group has developed a new medium-term business plan (covering the period from
FY2010 through FY2012). Under this plan, we will properly move forward with facility maintenance anddevelopment, revenue expansion, efficiency promotion, and other measures; work to secure appropriate levels of
earnings; and strive to improve the Group’s performance measured in terms of return on assets (ROA) and return on
equity (ROE), which we consider key management indicators. We also aim to maintain financial soundness bykeeping our equity ratio at 50% or higher through the proper management of borrowings and other liabilities.
(3) Mid- and Long-Term Business Plan and Issues which the Company Needs to Address
For the Tokyo International Airport (Haneda), the JAT Group’s sales base, the JAT Group is moving forward with theTokyo International Airport Re-expansion Project, which involves the construction of facilities such as a fourth
runway (Runway D) in order to be able to handle future increases in demand for air travel within the metropolitan
Tokyo area.
To coincide with the launch of operations of the new Runway D, the construction of an international passenger
terminal building by PFI is under way. The Tokyo International Air Terminal Corporation, which will construct,manage, and operate the terminal and was established though investments mainly by JAT but also airline companies
and other entities, moved ahead with construction of the passenger terminal with scheduling for completion at the endof July and launching operations in October 2010.
Takeoffs and landings, and the addition of new routes, once the operations of new Runway D and the newinternational passenger terminal building are launched at the Tokyo International Airport (Haneda), are expected to
exceed initial projections, partly as a result of the Asian Gateway Initiative. The investment burden, on the other hand,will reach its peak because of funding necessary for the renovation of Terminal 1 and the expansion work for
Terminal 2. The operating environment, too, is expected to remain difficult as deflation threatens to weigh theeconomy down and concerns stemming from instability in international political affairs offset expectations for thecontinuation of a mild economic recovery and its impact in boosting passenger volume.
Having properly accounted for these changes in its operating environment, the JAT Group developed, and will
steadily implement, its new medium-term business plan (covering a three-year period from FY2010 through FY2012).
The basic theme of the plan calls for further capacity expansion and internationalization of Haneda Airport, andsteady response to changes in our operating environment.
Key initiatives to be undertaken during the period covered by the new plan include: 1) Starting operations at the
new international passenger terminal building, 2) Implementing and moving forward with plans for the renovation ofTerminal 1 and expansion of Terminal 2 at the Tokyo International Airport (Haneda), and 3) developing new earnings
sources, and implementing measures to thoroughly cut costs and improve efficiency in existing operations.
In order to fulfill its role as an Airport Facilities Operator, which constructs, operates, and manages both domestic
and international terminals based on the Airport Act, the whole Group is working to improve the convenience,
comfort, and functionality of the passenger terminal buildings and striving to adopt a philosophy of “the customer
comes first” and to establish absolute safety. JAT will also promote various efforts such as making and managing
strategic and appropriate investments and establishing an efficient Group management system in order to continuallyraise the corporate value of the whole Group.

-8-Japan Airport Terminal Co., Ltd. (9706) Financial Report for the Year Ended March 31, 2010

4. Consolidated Financial Statements(1) Consolidated Balance Sheets(Millions of yen)

ASSETS
Current assets
Cash and time deposits
Accounts receivable
Marketable securities
Merchandise and finished products
Raw materials and stored goods
Deferred tax assets
Other current assets
Allowance for doubtful accounts
Total current assets
Fixed assets
Tangible fixed assets
Buildings and structures
Accumulated depreciation and impairment loss
Buildings and structures (net)
Machines, devices and vehicles
Accumulated depreciation and impairment loss
Machines, devices and vehicles (net)Land
Construction in progress
Other fixed assets
Accumulated depreciation and impairment loss
Other fixed assets (net)Total tangible fixed assets
Intangible fixed assets
Investments and other assets
Investment securities
Long-term loans receivable
Deferred tax assets
Other investments
Total investments and other assets
Total fixed assets
TOTAL ASSETS-9-

FY2008(As of March 31, 2009)

FY2009(As of March 31, 2010)

15,910
5,456
2,549
3,895
70
1,093
1,341
(42)
30,274

16,798
5,592
549
3,221
104
952
1,423
(39)
28,602240,994(130,525)
110,468
10,587(8,707)
1,879
10,578
6,972
20,497(15,631)
4,865
134,764616

244,502(141,862)
102,640
10,710(9,168)
1,542
10,575
15,31420,895(17,039)
3,855
133,927
1,045

8,847
–
8,406
3,454
20,709156,090
186,364

7,630
4,029
9,145
2,004
22,809157,781
186,384

Japan Airport Terminal Co., Ltd. (9706) Financial Report for the Year Ended March 31, 2010

(Millions of yen)

LIABILITIESCurrent liabilities
Accounts payable-trade
Short-term loans payable
Income taxes payable
Allowance for employees’ bonuses
Allowance for directors’ bonuses
Other current liabilities
Total current liabilities
Fixed liabilities
Long-term loans payable
Allowance for employees’ retirement benefits
Allowance for directors’ retirement benefits
Other fixed liabilities
Total fixed liabilities
TOTAL LIABILITIESNET ASSETS
Shareholders’ equity
Common stock
Capital surplus
Retained earnings
Treasury stock
Total shareholders’ equity
Unrealized gains and adjustments
Unrealized gains on other securities
Deferred gains (losses) on hedges
Total unrealized gains and adjustments
Minority interests
TOTAL NET ASSETSTOTAL LIABILITIES AND NET ASSETS- 10 -

FY2008(As of March 31, 2009)

FY2009(As of March 31, 2010)

4,274
9,324
2,009
868
170
9,018
25,665

4,578
12,567
608
903
113
7,714
26,486

26,290
4,897
1,383
5,570
38,14163,80745,234
4,940
–
6,393
56,567
83,053

17,48921,31080,611(80)
119,330

17,48921,30966,878(4,081)
101,596

974
(24)
950
2,276
122,557
186,364

973(1,166)(193)
1,927
103,331
186,384

Japan Airport Terminal Co., Ltd. (9706) Financial Report for the Year Ended March 31, 2010

(2) Consolidated Statements of Income(Millions of yen)

FY2008(from April 1, 2008
to March 31, 2009)
Operating revenues
Rent revenue
Facility user charges revenue
Other revenues
Sale of merchandise
Sale of food and beverage
Total operating revenue
Cost of sales
Cost of sales of merchandise
Cost of sales of food and beverage
Total cost of sales
Gross profit
Selling, general and administrative expenses
Salaries and wages
Provision for employees’ bonuses
Provision for directors’ bonuses
Expenses for retirement benefits
Provision for directors’ retirement benefits
Rent expenses
Outsourcing and commission
Depreciation expenses
Other costs and expenses
Total selling, general and administrative expenses
Operating income
Non-operating income
Interest income
Dividends income
Investment profit on equity method
Negative goodwill
Miscellaneous revenue
Total non-operating income
Non-operating expenses
Interest expenses
Loss from retirement of fixed assets
Commission for purchase of treasury stock
Miscellaneous expenses
Total non-operating expenses
Ordinary income
Extraordinary gains
Gain on contribution of securities to retirement benefit trust
Gain on sale of investment securities
Total extraordinary gains
Extraordinary loss
Loss on valuation of investment securities
Loss on sale of investment securities
Loss on valuation of other investments
Total extraordinary loss
Income before income taxes
Income taxes – current
Income taxes-deferred
Total income taxes
Minority interests income (loss)
Net income- 11 -

FY2009(from April 1, 2009
to March 31, 2010)

14,285
15,951
9,054
78,084
14,930132,307

14,135
15,763
8,204
69,247
13,657
121,008

57,297
7,815
65,11367,19350,6807,249
57,92963,078

7,707
838
170
736
247
7,730
8,200
15,106
20,05760,795
6,397

7,633
887
113
856
67
7,346
7,867
13,59819,60057,971
5,107

57
157
148
–
1,008
1,372

77
73
152
191
884
1,380

767
145
–
92
1,005
6,764

943
–
368
183
1,495
4,991

705
–
705

–
14
14

312
–
8
321
7,148
3,922
(806)
3,116
49
3,981

504
37
–
542
4,464
2,506
(591)
1,914
(35)
2,584

Japan Airport Terminal Co., Ltd. (9706) Financial Report for the Year Ended March 31, 2010

(3) Consolidated Statements of Changes in Shareholders’ Equity(Millions of yen)

FY2008(from April 1, 2008
to March 31, 2009)
Shareholders’ equity
Common stock
Balance as of the previous fiscal year end
Amount of fluctuation during the fiscal year
Total amount of fluctuation during the fiscal year
Balance as of the current fiscal year end
Capital surplus
Balance as of the previous fiscal year end
Amount of fluctuation during the fiscal year
Disposal of treasury stock
Retirement of treasury stock
Total amount of fluctuation during the fiscal year
Balance as of the current fiscal year end
Retained earnings
Balance as of the previous fiscal year end
Amount of fluctuation during the fiscal year
Dividend from retained earnings
Net income
Increase in surplus from an increase in the number of
equity method companies
Retirement of treasury stock
Total amount of fluctuation during the fiscal year
Balance as of the current fiscal year end
Treasury stock
Balance as of the previous fiscal year end
Amount of fluctuation during the fiscal year
Purchase of treasury stock
Disposal of treasury stock
Retirement of treasury stock
Total amount of fluctuation during the fiscal year
Balance as of the current fiscal year end
Total shareholders’ equity
Balance as of the previous fiscal year end
Amount of fluctuation during the fiscal year
Dividend from retained earnings
Net income
Increase in surplus from an increase in the number of
equity method companies
Purchase of treasury stock
Disposal of treasury stock
Total Amount of fluctuation during the fiscal year
Balance as of the current fiscal year end- 12 -

FY2009(from April 1, 2009
to March 31, 2010)

17,48917,489–17,489–17,48921,30921,3100–021,310–(0)(0)
21,30978,08680,611(1,456)
3,981(1,175)
2,584

–

920

–
2,525
80,611(16,063)(13,733)
66,878

(79)

(80)

(0)
0
–
(0)
(80)

(20,064)–
16,063(4,000)(4,081)

116,805

119,330(1,456)
3,981(1,175)
2,584

–

920

(0)
0
2,524
119,330(20,064)–(17,734)
101,596Japan Airport Terminal Co., Ltd. (9706) Financial Report for the Year Ended March 31, 2010

(Millions of yen)

FY2008(from April 1, 2008
to March 31, 2009)
Unrealized gains and adjustments
Unrealized gains (losses) on other securities
Balance as of the previous fiscal year end
Amount of fluctuation during the fiscal year

FY2009(from April 1, 2009
to March 31, 2010)

1,835

974

(861)

(0)

(861)
974

(0)
973

(34)

(24)

10

(1,142)10(24)(1,142)(1,166)

1,800

950

(850)

(1,143)(850)
950(1,143)
(193)

3,093

2,276

(816)

(349)

(816)
2,276

(349)
1,927

121,699

122,557(1,456)
3,981(1,175)
2,584

Increase in surplus from an increase in the number of equity
method companies–

920

Purchase of treasury stock
Disposal of treasury stock(0)
0(20,064)–(1,666)(1,492)

858
122,557(19,226)
103,331

Amount of fluctuation of items other than shareholders’equity during the fiscal year (net)Total amount of fluctuation during the fiscal year
Balance as of the current fiscal year end
Deferred gains (losses) on hedges
Balance as of the previous fiscal year end
Amount of fluctuation during the fiscal year
Amount of fluctuation of items other than shareholders’equity during the fiscal year (net)Total amount of fluctuation during the fiscal year
Balance as of the current fiscal year end
Total unrealized gains and adjustments
Balance as of the previous fiscal year end
Amount of fluctuation during the fiscal year
Amount of fluctuation of items other than shareholders’equity during the fiscal year (net)Total amount of fluctuation during the fiscal year
Balance as of the current fiscal year end
Minority interests
Balance as of the previous fiscal year end
Amount of fluctuation during the fiscal year
Amount of fluctuation of items other than shareholders’equity during the fiscal year (net)Total amount of fluctuation during the fiscal year
Balance as of the current fiscal year end
Total net assets
Balance as of the previous fiscal year end
Amount of fluctuation during the fiscal year
Dividend from retained earnings
Net income

Amount of fluctuation of items other than shareholders’equity during the fiscal year (net)Total amount of fluctuation during the fiscal year
Balance as of the current fiscal year end- 13 -

Japan Airport Terminal Co., Ltd. (9706) Financial Report for the Year Ended March 31, 2010

(4) Consolidated Statements of Cash Flows(Millions of yen)

FY2008(from April 1, 2008
to March 31, 2009)
Cash flows from operating activities
Income before income taxes
Depreciation and amortization
Amortization of negative goodwill
Loss (gain) on securities contribution to employees’ retirement
benefits trust

FY2009(from April 1, 2009
to March 31, 2010)

7,148
15,128–4,464
13,620
(191)

(705)

–

Increase (decrease) in allowance for employees’ retirement
benefits

38

42

Increase (decrease) in allowance for directors’ retirement
benefits

172(1,383)

(21)
(25)
(214)
767
(148)
–
312
(9)
145
896
(45)
78
(623)
(566)
(96)
–
(69)
22,162203(778)(4,422)
17,164

35
(56)
(151)
943
(152)
22
504
(0)
24
(135)
639
253
304
(981)
777
368
(102)
18,845101(847)(3,911)
14,187

Increase (decrease) in allowance for employees’ bonuses
Increase (decrease) in allowance for directors’ bonuses
Interest and dividends received
Interest paid
Investment loss (profit) on equity method
Loss (gain) on sales of investment securities
Loss on valuation of investment securities
Loss (gain) on sales of tangible fixed assets
Loss on retirement of tangible fixed assets
Decrease (increase) in accounts receivable
Decrease (increase) in inventories
Decrease in other current assets
Increase (decrease) in accounts payable
Increase (decrease) in other current liabilities
Increase (decrease) in other fixed liabilities
Commission for purchase of treasury stock
OthersSubtotalInterest and dividends income received
Interest expenses paid
Income and other taxes paid
Net cash provided by operating activities- 14 -

Japan Airport Terminal Co., Ltd. (9706) Financial Report for the Year Ended March 31, 2010

(Millions of yen)

FY2008(from April 1, 2008
to March 31, 2009)
Cash flows from investing activities
Placement of time deposits
Proceeds from withdrawal of time deposits
Purchase of marketable securities
Proceeds from sales of marketable securities
Purchase of investment securities
Proceeds from sales of investment securities
Purchase of treasury stock of subsidiaries
Purchase of tangible fixed assets
Proceeds from sales of tangible fixed assets
Purchase of intangible fixed assets
Purchase of long-term prepaid expenses
Payments of long-term loans receivable
Other payments
Other proceeds
OthersNet cash used in investing activities
Cash flows from financing activities
Increase in short-term loans payable
Decrease in short-term loans payable
Proceeds from long-term loans payable
Repayment of long-term loans payable
Purchase of treasury stock
Dividends payment by parent company
Dividends paid to minority shareholders
OthersNet cash (used in) provided by financing activities
Effect of exchange rate change on cash and cash equivalents
Increase (decrease) in cash and cash equivalents
Cash and cash equivalents at the beginning of term
Cash and cash equivalents at the end of term

- 15 -

FY2009(from April 1, 2009
to March 31, 2010)

(256)
200
(4,190)
3,802
(55)
400
(123)
(14,958)
12
(177)
(390)
(1,333)(187)
34
17(17,208)(27)
300(1,548)
3,347
(13)
579
(18)
(12,964)
5
(654)
(109)
(2,688)(17)36
31(13,741)––
11,000(9,859)–(1,456)
(36)
(0)
(352)
0
(395)
16,08815,693

20,110(20,110)
31,400(9,212)(20,432)(1,175)
(29)
(37)
511
1
960
15,693
16,653

Japan Airport Terminal Co., Ltd. (9706) Financial Report for the Year Ended March 31, 2010

Notes on the Premise of a Going Concern
There is nothing to report.
Notes on the Consolidated Financial Statements(Notes on Consolidated Balance Sheets)
FY2008(As of March 31, 2009)

FY2009(As of March 31, 2010)(1) Assets provided as collateral and collateralized liabilities
The following are assets that were provided as collateral.

(1) Assets provided as collateral and collateralized liabilities
The following are assets that were provided as collateral.

(Millions of yen)

(Millions of yen)

Buildings and structures
89,388
Machines and devices
0
Land
53
Investment securities
3
Total
89,446
Collateralized liabilities totaled 33,014 million yen in
long-term loans payable (including the portion of
long-term loans payable due within a year).

Buildings and structures
81,737
Machines and devices
0
Land
53
Investment securities
0
Total
81,792
Collateralized liabilities totaled 35,101 million yen in
long-term loans payable (including the portion of
long-term loans payable due within a year).

(2) The following items are related to non-consolidated
subsidiaries and affiliated companies.
Investment securities (shares)(2) The following items are related to non-consolidated
subsidiaries and affiliated companies.

4,265 million yen

Investment securities (shares)(3) JAT has loan commitment contracts with companies in which
it invests. The outstanding balance of credit lines at the end of
the current fiscal year is as follows:(3) JAT has loan commitment contracts with companies in which
it invests. The outstanding balance of credit lines at the end of
the current fiscal year is as follows:(Millions of yen)

Credit availability of loan commitment
Outstanding balance
Unused credit balance(Millions of yen)

6,660
1,332
5,328

Credit availability of loan commitment
Outstanding balance
Unused credit balance(4) JAT has loan commitment contracts with six major financial
institutions that it has an account with in order to stably
procure funds for facilities. The outstanding balance of credit
lines at the end of the current fiscal year is as follows:

6,660
3,996
2,664

(4) JAT has loan commitment contracts with six major financial
institutions that it has an account with in order to stably
procure funds for facilities. The outstanding balance of credit
lines at the end of the current fiscal year is as follows:(Millions of yen)

Credit availability of loan commitment
Outstanding balance
Unused credit balance

3,644 million yen(Millions of yen)

25,00010,00015,000Credit availability of loan commitment
Outstanding balance
Unused credit balance- 16 -

25,00021,4003,600

Japan Airport Terminal Co., Ltd. (9706) Financial Report for the Year Ended March 31, 2010

(Notes on Consolidated Statements of Changes in Shareholders’ Equity)
FY2008 (from April 1, 2008 to March 31, 2009)
1. Notes to type of and total number of shares outstanding, and type and number of treasury stock
Number of shares at theprevious fiscal year-end

Increase in the number of Decrease in the number ofshares during the current shares during the current
fiscal year
fiscal year

Number of shares at thecurrent fiscal year-end

Shares outstanding
Common stock

100,540,000––

100,540,000

Total

100,540,000––

100,540,000

Common stock (Note)

88,408729

330

88,807

Total

88,408729

330

88,807

Treasury stock

Note: 729 shares of increase in common treasury stock were resulted from the purchase of odd lot shares, and 330 shares of decrease were due tothe sale of odd lot shares.

2. Notes regarding to payments of dividends(1) Amount of dividends paid
Resolution
June 26, 2008
Ordinary General
Meeting of Shareholders
November 12, 2008
Board of Directors
MeetingType of stock

Total dividends to be
paid (Millions of yen)

Common stock

803

Common stock

652

Dividends per
share (Yen)Record date

Effective date8

March 31, 2008

June 27, 2008

6.5

September 30, 2008

December 4, 2008

(2) Dividends for which the record date came during FY2008, but for which the effective date will come after said period
Resolution

Type of stock

Total dividends tobe paid(Millions of yen)

Source ofdividends

Dividends
per share(Yen)

June 26, 2009
Ordinary General
Meeting of Shareholders

Common stock

652

Retainedearnings

6.5

Record date

Effective date

March 31, 2009

June 29, 2009

FY2009 (from April 1, 2009 to March 31, 2010)
1. Notes to type of and total number of shares outstanding, and type and number of treasury stock
Number of shares at theprevious fiscal year-end

Increase in the number of Decrease in the number ofshares during the current shares during the current
fiscal year
fiscal year

Number of shares at thecurrent fiscal year-end

Shares outstanding
Common stock (Note 1)

100,540,000–

16,063,500

84,476,500

Total

100,540,000–

16,063,500

84,476,500

Common stock (Note 2)

88,807

20,064,109

16,063,500

4,089,416

Total

88,807

20,064,109

16,063,500

4,089,416

Treasury stock

Note: 1. The number of shares outstanding decreased 16,063,500 as a result of the retirement of treasury stock resolved by the Board of Directors
Meeting.
2. 20,064,109 shares of increase in common treasury stock were resulted from the purchase of odd lot shares and acquisition made pursuant
to a resolution of the Ordinary General Meeting of Shareholders. 16,063,500 shares of decrease were resulted from the retirement oftreasury stock resolved by the Board of Directors Meeting.

- 17 -

Japan Airport Terminal Co., Ltd. (9706) Financial Report for the Year Ended March 31, 2010

2. Notes regarding to payments of dividends(1) Amount of dividends paid
Resolution
June 26, 2009
Ordinary General
Meeting of Shareholders
November 11, 2009
Board of Directors
MeetingType of stock

Total dividends
to be paid
(Millions of yen)

Dividends per
share (Yen)Record date

Effective dateCommon stock

652

6.5

March 31, 2009

June 29, 2009

Common stock

522

6.5

September 30, 2009

December 3, 2009

(2) Dividends for which the record date came during FY2009, but for which the effective date will come after said period
The following are the expected resolutions.
Resolution

Type of stock

Total dividends
to be paid
(Millions of yen)

Source ofdividends

June 29, 2010
Ordinary General
Meeting of Shareholders

Common stock

522

Retainedearnings(Notes on Consolidated Statements of Cash Flows)
FY2008(from April 1, 2008
to March 31, 2009)

Dividends per
share (Yen)Record date

6.5 March 31, 2010 June 30, 2010

FY2009(from April 1, 2009
to March 31, 2010)*1 Relationship between the closing balance of cash and cash
equivalents and the value of items listed on the
consolidated balance sheets:(As of March 31, 2009)*1 Relationship between the closing balance of cash and cash
equivalents and the value of items listed on the
consolidated balance sheets:(As of March 31, 2010)(Millions of yen)

Cash and time deposits
Marketable securities
Time deposits with a maturity greaterthan 3 months
Securities such as stocks and bonds witha redemption period of more than 3monthsCash and cash equivalents

Effective date(Millions of yen)

15,9102,549(617)

Cash and time deposits
Marketable securities
Time deposits with a maturity greaterthan 3 months
Securities such as stocks and bonds witha redemption period of more than 3monthsCash and cash equivalents(2,149)15,693- 18 -

16,798
549
(344)
(349)
16,653

Japan Airport Terminal Co., Ltd. (9706) Financial Report for the Year Ended March 31, 2010

(Segment Information)
a. Business Segment Information
FY2008 (from April 1, 2008 to March 31, 2009)(Millions of yen)

I. Operating revenues andoperating income
Operating revenues(1) Sales to externalcustomers(2) Intersegment sales andtransfers
Total
Operating expenses
Operating income
II. Assets,
depreciation/amortizationand capital expenditure
AssetsDepreciation andamortization
Capital expenditure

Facilities
Management

Merchandise
Sales

Food andBeverage

Eliminations/Corporate

Consolidated

38,98778,38914,930132,307–132,307

2,088

734

2,112

4,935

(4,935)–41,07538,5682,506

79,124
71,767
7,356

17,042
17,00636

137,242
127,341
9,900(4,935)(1,432)(3,502)

132,307
125,909
6,397

131,818

16,016

15,233163,069

23,295

186,364

13,577629

671

14,878250

15,128

9,908

588

652

11,1503,816

14,966Total

FY2009 (from April 1, 2009 to March 31, 2010)(Millions of yen)

I. Operating revenues andoperating income
Operating revenues(1) Sales to externalcustomers(2) Intersegment sales andtransfers
Total
Operating expenses
Operating income
II. Assets,
depreciation/amortizationand capital expenditure
AssetsDepreciation andamortization
Capital expenditure

Eliminations/Corporate

Consolidated

121,008–

121,008

2,152

4,953

(4,953)–70,15664,248
5,907

15,81015,866(56)

125,962
117,232
8,730(4,953)(1,331)(3,622)

121,008
115,901
5,107

126,153

15,25914,586

155,998

30,386

186,384

12,108538

638

13,284335

13,620

9,561

142

226

9,930

3,309

13,240

Facilities
Management

Merchandise
Sales

Food andBeverage

37,886

69,463

13,6572,109

692

39,996
37,117
2,878

Total

b. Segment information by geographic region
Because the Company does not have any consolidated subsidiaries outside Japan, this section is not applicable.
c. Overseas sales
Because the Company does not have overseas sales, this section is not applicable.

- 19 -